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What is the FHA Streamline 203K Rehab loan? 

The "203K" rehab program has been the primary tool of the Federal Housing Administration (FHA) for providing insured mortgages for the purchase or refinance of single family properties (one to 4 units) in need of major rehabilitation.  

But what if a smaller scale of repairs are required? The Streamline 203K program is a simplified 203K that was developed to specifically address these needs. With the Streamline 203K program you obtain one loan for the purchase (or refinance of an existing debt), and the amount necessary to complete the required repairs.     

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                                                 203K 

Advantages to the FHA Streamline 203K:

•Repairs are completed after closing with loan proceeds.

•Great tool for buying bank-owned properties

•Low down payment

•One loan amount for the purchase or refinance & the repairs

•Loan fees may be financed                                                                                   

Mortgage is FHA insured

•No inspection necessary

•No general contractor required

•Mortgage amount may also be increased when combining EEM (Energy Efficient Mortgage) with Streamline 203k 

Appliances, HVAC,  Modernization, Additions, Bathroom update, Roof, Siding, Windows, Doors, Decks, Flooring, Painting, Landscaping/Grading 

Call me today with any questions  you might have about these rehab construction loans! Falling in love with that home that needs a little TLC no longer has to drain your liquid savings or rack up high credit card bills.